GBPNZD Week 9 Trading Plan

01 Mar GBPNZD Week 9 Trading Plan

#Fin­twit #Order­flow #day­trad­ing #day­trade #forex #FX #trade­plan #trad­ing­plan #trad­ing­forex #trad­inglifestyle #day­trader­life #GBPNZD 

This is my week­ly out­look on the Forex pair GBPNZD. Basi­cal­ly the lev­els that I will be look­ing at where it has a high­er prob­a­bilis­tic chance the mar­ket will start react­ing. Dur­ing the ses­sion I then wait for the mar­ket to hit those lev­els and either con­firm or reject my bias through price action con­fir­ma­tion and order flow. I hope that makes sense. If not, please get in touch with me. I love to talk to peo­ple that are on the same path as me. So don’t be shy and reach out. 

Month­ly — Slight­ly Bullish

• Slight con­tin­u­a­tion trad­ed high­er away from MN-C‑D 1.89719 although clos­ing with a sell­ing wick (buy­ing wick longer) indi­cat­ing some sell­ers are still present

Week­ly — Slight­ly Bullish

• W1 QLo rejec­tion with a con­sol­i­da­tion test­ing QLo and clos­ing above QLo as a slight Bull Engulf with very long buy­ing wick react­ing off MN-C‑D 1.89719.
• Some sup­ply was formed
• Price above W1 VWAP in DT although no con­fi­dent break high­er (yet)

Dai­ly — Slight­ly Bullish

• Pos­si­ble Phase 3 as there are some con­flict­ing price for­ma­tions test­ing D1 200MA although due to larg­er time­frame sen­ti­ment I am lean­ing towards a redistribution
• Reject­ed D1 QHi moved mid-swing to then close with­in QHi yet again (larg­er time­frame W1 QLo sen­ti­ment could negate the strength of D1 QHi)

Sen­ti­ment sum­ma­ry — Slight­ly Bullish

• Due to high­er time­frame sen­ti­ment we could see more bull­ish price action come in. Unless we break down from W1 con­sol­i­da­tion. Due to price near­ing and react­ing off D1 200MA I believe we can see more con­tra­dict­ing movies pos­si­bly ‘shak­ing out’ retail traders before mak­ing an obvi­ous direc­tion­al move. 

Addi­tion­al notes

• Non-farm on Friday

ZOIs for Pos­si­ble Shorts

• MN-C‑S 1.97300
• W1-C‑S 1.95442
• D1-C‑S 1.92964

ZOIs for Pos­si­ble Long

• MN-C‑D 1.89719

Focus Points for trad­ing development

• Month­ly Goals
  • Con­tin­ue track­ing my DRC track­ing sheet
  • Focus on my own progress and less on others
  • Take a break from cer­tain com­po­nents of social media
  • Feel­ing okay with NOT trading
  • Have ‘qui­eter’ weekends
• Week­ly Goal
  • Min. 3 times hit­ting the gym + manda­to­ry cardio
• Trad­ing Rules
  • Trade from D and upwards unless a pos­si­ble momen­tum trade, val­ue accep­tance or otherwise. 
• Risk Man­age­ment
  • 3 trades 1% risk, 3rd trade only if first 2 worked out
  • Cap­i­tal Preser­va­tion dur­ing draw­down allows for 1R profit-taking
  • 2 con­sec­u­tive days of lack of sleep = NO TRADING

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